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The University of Hawaii Foundation announced on Tuesday that a record amount of money was raised during its most recent fiscal year.

Of the more than $98.5 million raised, $40 million of it was awarded by the Simons Foundation to have Edward DeLong and David Karl, professors in the School of Ocean and Earth Science and Technology, lead a collaborative effort to research ocean processes and ecology.

That award is the largest private foundation gift UH has ever received.

Of the remaining $58.6 million raised, the foundation said nearly 60 percent of that came from local corporations, foundations and individuals; much of it donor-directed, deciding how and where the gifts are used.

Since 2002, the UH Foundation has raised nearly $700 million to support its campuses’ programs and students.